Chronicling the fiasco that sank millions of Americans, including one journalist, who thought he knew better, "Busted" is a darkly humorous exploration of the cynicism and self-destructive judgment that led to America''s biggest economic calamity in generations.

From the Publisher:Traces a journalist's victimization beside millions of Americans who were seduced by the promises of easy mortgages, describing his near-bankruptcy and his observations about questionable lenders, their Wall Street supporters, and Washington policymakers.

Annotation:Edmund L. Andrews's expose of the causes behind the devastating mortgage crisis of 2008-2009 and after, is a through and sobering account of the recklessness of prospective homebuyers and the irresponsible actions of bankers and lenders. The economics correspondent for the distinguished New York Times, Andrews gathers and presents a wealth of stories about ordinary Americans whose irrational and exuberant house lust, accompanied by a deep psychology of denial, helped put them and the nation in the current precarious state. Andrews's account is made more poignant when he reveals that he himself was one of those buyer/victims. Desiring a lovely--and pricey--house in Maryland for himself and his family, Andrews may have had eyes that were bigger than his journalist's wallet, and he may have been abetted in his venture by equally exuberant and "helpful" bankers and lenders who smoothed the way for him. Like so many others, Andrews paid the price for his boldness. An engaging read and cautionary tale, BUSTED apportions blame among homeowners, banks and mortgage companies, Wall Street, and Washington as it reveals the down-side of the American dream.

Praise

"[W]hat makes this book work is that while BUSTED is on the one hand a classic trashy Americana let-it-all-hang-out mea culpa worthy of Dr. Phil it is also a cogent analysis of how the mortgage lending market got out of control and submarined the U.S. economy....[I]f you are looking for one of the clearest explanations of how, for example, bad mortgages were packaged into securities that supposedly transformed risk into Triple A safety, BUSTED delivers." - Andrew Leonard 05/20/2009

"Andrews, an economics reporter at the New York Times, tells a confessional tale about how he signed away his life for a toxic loan to buy a house in Silver Spring that he couldn't really afford. His tone is bizarrely bright and breezy, given the wretched outcome that is evident from the start." - Kirstin Downey 08/30/2009